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NJ Banks Offer Relief in Wake of Sandy

Many state-chartered banks and credit unions are taking steps to offer relief and assistance to customers in New Jersey. 

Compassionate Eye Foundation/Getty Images Staff Photographer

Department of Banking and Insurance Acting Commissioner Ken Kobylowski says many of the institutions are waving fees and penalties, offering special loan rates, easing restrictions on check cashing and allowing deferral of payments to help customers in the aftermath of Sandy.

“The majority of New Jersey’s State-chartered banks and credit unions were up and running within a day after Sandy struck the State,” said Kobylowski.  “Sine that time, they have done an extraordinary job in reaching out to their customers and instituting a host of consumer-friendly actions to help customers cope after the storm.  Our community banks and credit unions have risen to the challenge in dealing with this disaster.”

State-chartered banks have implemented many actions which include:

*   Making low-interest, short-term emergency assistance loans available to customers affected by the Storm;

  •   Waiving early withdrawal penalties on time deposits;
  •   Easing restrictions on cashing out-of-state checks and non-customer checks;
  •   Allowing loan customers to defer payments;
  •   Increasing ATM daily cash  withdrawal limits; and
  •   Waiving overdraft and foreign ATM fees.

Customers should contact their individual bank or credit union for specifics.  For a list of State-chartered banks and credit unions, visit http://www.state.nj.us/dobi/bankwebinfo.htm.

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